ICICI IPO fully subscribed 1.4 times

Mumbai, Jun 19: The follow-on-public offering (FPO) issue of ICICI bank, which opened today, was fully subscribed 1.4 times within 20 minutes of it hitting the market.

The Qualified Institutional Bidder (QIB) portion was subscribed three times. The issue opened at 0955 hrs today.

The issue, which has come with a priceband of Rs 885-950 per share, will mop up Rs 8,750 crore public offer in domestic market.

In the total issue, five per cent share (around Rs 437.5 crore) has been allocated for the existing retail investors. The issue has also left an additional green shoe option of Rs 1,312.5 crore.

Retail bidders, including existing retail shareholders, will be allotted shares at a discount of Rs 50 per share, the Bank said. The minimum bid size for all retail investors will be six equity shares.

This apart, Retail investors, who have been allocated 35 per cent of total issue, can purchase shares by paying Rs 250 on application, Rs 250 on allotment of share and the rest on a call within six months of issue.

The bank will use the proceeds to augment its capital base and for other general corporate purposes.

UNI